>> $72 million in BitCoin vanished in a cyber heist, sending prices crashing by as much as 20%. Hong Kong based exchanged, Bitfinex, reported a massive security breach earlier this week. Now that the extent of that hack is known, confidence in the virtual currency is being rattled. Bitfinex is the worlds largest US dollar bit coin exchange and this is one of the biggest ever BitCoin thefts.
BitCoin prices tend to take a hammering after major breaches like the infamous half billion dollar hack of Japanese exchange Mt Gox in 2014. Security is one of the biggest hurdles keeping cryptocurrencies from circulating wider. In June, a fund based on a rival currency to Bitcoin called Ethereum was also hacked, loosing an estimated $89 million.
It's not clear whether the Bitfinex hack was an inside job or a breach from the outside. The company has halted trading as well as deposits and withdrawals while authorities hunt down 120,000 missing virtual coins.